27th Jun 2025 18:18
(Alliance News) - Sundae Bar PLC on Friday reported a wider interim loss as it transformed from a development-stage artificial intelligence product into a full-service AI agent marketplace and completed the acquisition of Ora Technology PLC.
The London-based firm, formerly known as Kondor AI PLC, recorded a pretax loss of GBP824,808 for the six months ended March 31, widening from GBP704,390 a year before. As expected for an early-stage tech company, it reported no revenue during the period.
Operating expenses totalled GBP824,810 during the six-month period, comprising GBP575,756 in administrative expenses and GBP249,054 in other operating expenses. These costs reflect continued investment in product development, platform infrastructure, and corporate governance as the company matured ahead of its AIM listing.
Sundae Bar said the period marked a "pivotal point" in its growth journey, as it focused on finalising the acquisition of Ora Technology and preparing for admission to trading on the AIM market, which was completed on June 3.
The company also changed its name to Sundae Bar in May to reflect its new strategic direction.
Chair Jonathan Bixby said the platform now enables developers and businesses to create, customise, and monetise AI agents, with the ambition of becoming a 'Sundae bar' of modular AI offerings tailored to individual user needs.
"The name change signals our transition from a development-stage AI product to a broader technology platform aimed at empowering AI creators in the same way e-commerce platforms have enabled entrepreneurs," Bixby said.
The acquisition of Ora, which completed shortly after the reporting period, brought enterprise-grade AI tooling and expanded engineering capacity to the group.
Post-period, the company raised GBP2 million and also adopted a bitcoin treasury management policy, reflecting its belief that digital assets can serve as a store of value and hedge against inflation. Additionally, it launched a WRAP retail offer to widen investor participation.
Cash and cash equivalents stood at GBP83,381 at March-end, down from GBP610,642 at the end of September.
Looking ahead, Sundae Bar said it will focus on expanding its commercial reach, further building out its marketplace, and tapping into accelerating global demand for AI agent deployment and monetisation.
By Eva Castanedo, Alliance News reporter
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